Berkshire Hathaway says tax law gives it $29B boost in 4Q
Mar 02, 2018, 03:29
As Mr Buffett says: "Wall Street prospered ... many investors experienced a lost decade".
For 2017, net earnings attributable to Berkshire shareholders surged to USD44.94 billion from USD24.07 billion in the previous year.
Buffett's yearly missive included an explanation of Berkshire's 2017 results, which included the conglomerate tallying a more than $29 billion gain for 2017 due to the tax overhaul passed by Congress late previous year. The reforms give the vast majority of taxpayers lower tax bills in the immediate future.
Buffett, CEO of the multinational holding company Berkshire Hathaway and one of the richest people in the world, raised his company's stock in Apple by 3 percent in November - a fresh vote of confidence in the Cupertino tech giant.
The industrial giant hasn't approached Buffett about large divestitures, he said.
In 2014, Buffett said he plans to put 90 per cent of the money he leaves to his wife, Astrid, when he dies into an S&P 500 index fund, and 10 per cent in government bonds.
He said the initiative seeks "fundamental change" in US health care, with medical care at least as good but with costs not continuing to eat up an increasing share of the economy.
"We can take a small imbalance" or trade deficit, he said.
He noted that new rules, under generally accepted accounting principles (GAAP), mean that the net change in unrealized investment gains and losses in stocks the company holds must be included in all net income figures it reports.
"Berkshire's blood flows through their veins", Buffett wrote. His view that acquisitions need to come with "a sensible purchase price" prevented Berkshire from making a big deal in 2017, he wrote.
Buffett said Berkshire functions like a savings account, so it doesn't pay dividends.
"It's a way of saving money over time", he said.
He said Wells Fargo had bad incentives for some employees, which led to serious misconduct that was not stopped by its previous management.
In his letter to investors, Mr Buffett said the tax cut accounted for almost half of the firm's gain in net worth during 2017.
One is Wells Fargo & Co, the third-largest US bank, which was surprisingly ordered this month by the Federal Reserve to curb asset growth while it tries to rebound from scandals over how it treated customers.
There are 17 pages in all of Warren Buffett's words, I think it's well worth a read. The magic touch of Buffett and Munger can also be seen in the current equity portfolio of Berkshire Hathaway. For the full-year 2017 insurance investment income passed $3.9 billion for the firm, up approximately $300 million on the prior year. Upwards of 40% of one of Buffett's key reinsurance companies is now flowing each year from a deal with IAG that helps underpin the financial viability of both companies.
In 2012, the Kushners and Steinmetz joined forces to buy almost $200 million of apartment buildings in the NY metropolitan area. At the same time , Kushner is the head of the Trump administration's effort to broker a deal between Israelis and Palestinians.
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Dembele is a great player, I'm sure that with time and work we will learn. "Now we're in the most complicated part of the season". By the end, it was three for Suarez, two for Messi , one for Coutinho - and six of the best for Barca.
It has just been last December that it had acquired Blink , a company that specializes in the development of connected doorbells. Terms of the deal have not yet been announced , though Reuters suggests that it could be worth at least $1 billion Dollars .
From Jan. 1-27, nine people from four states-Arkansas, Illinois, Indiana and Texas-were reported to have measles, the CDC said. An outbreak of measles was reported in 2013 when an orthodox Jewish community living in Williamsburg, Brooklyn was affected.
A current supplier of Apple SZS is tipped to be the part of the project working on the integration of metal enclosures. Apple is also rumoured to working on a second-generation pair of AirPod earbuds, which include an always-on Siri .
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Modi symbolically handed over the keys and registration certificates of two wheelers to five women on the occasion, reports PTI. Last month, the state government increased the subsidy component under the scheme from Rs 20,000 to Rs 25,000.
If that's not enough carbon for you, McLaren is also using Geneva to launch a new carbon fiber wheel option. The cabin is trimmed in Carbon Black Alcantara and S (for Senna ) logos feature both inside and out.
Almost 600 cheering schoolchildren attended a ceremony in Tokyo's Shinagawa ward on Wednesday to hear the results of that vote. The mascots themselves are two parts Powerpuff Girls with a gentle sprinkling of the Samurai Pizza Cats for good measure.
While hailing the party's impressive show, Patnaik, also the party chief, said the people of Bijepur have rejected violence. The BJD had alleged BJP's involvement in these incidents. "The people will not stand for violence in a democracy", he said.
Ryan Wilson has been cited
Scotland recycled possession and, off the back of a ruck, Russell's cut-out ball sent left wing Maitland in at the corner. The new tunnel footage has been posted on social media but cuts out as Farrell barges through following the team warm-up.